In 2008 crisis has affected the whole world.Top of the world's financial problems began with the stock market crash.The handrail from 21 to 22 January at all stock exchanges was chaos.Collapsed not only stock prices, but also the securities of companies that have fared well.Suffered losses even large corporations such as the Russian "Gazprom".Shortly after the fall of shares on the world oil market began to fall in the price of oil.On the stock markets entered a period of instability that has left a significant mark on the commodity markets.Despite attempts by economists to justify the situation (they publicly stated on the adjustment of stock prices) January 28, the world had the opportunity to watch the next stock market crash.
As the crisis began?
In 2008 crisis did not begin on January 21 with the fall of the shares, and another 15 of January.The banking group, Citigroup recorded a reduction in profits, which was the main impetus for the reduction in value of the shares on the New York Stock Exchange.There were the following events:
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Dow Jones index fell by 2.2%.
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Standard & amp;Poor's - 2.51%.
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Nasdaq Composite - 2.45%.
Only after 6 days of the effects of price changes showed themselves on the stock exchange and have left their mark on the situation throughout the world.Most of the players in the foreign exchange market finally saw that in reality many companies do not feel very good.For high levels of capitalization, the high value of the shares tucked chronic losses.Many economic experts in 2007 predicted the crisis in 2008.We speculated that in Russia two years later fell on hard times due to the fact that the resources of the internal market and will not be exhausted.For the global economy during the recession forecast at an earlier time.
Heralds of the world's problems in 2008 and the development of the situation
World crisis of 2008 though began with the fall of the stock exchanges, but the preconditions for its emergence was a lot.Falling shares was only a warning signal on the dynamically changing situation.In the world there were significant commodity overproduction and accumulation of capital.Exchange instability showed that there were some problems with the sale of goods.The next link in the damaged global economy has become the sphere of production.Global changes in the economy, which in 2008 brought the crisis significantly affected the lives of ordinary people.
For the global economy was characterized by a situation where the opportunities and market prospects have been exhausted completely.Despite the ability to expand production and availability of funds, earn income has been very problematic.Already in 2007 it was possible to observe the fall of the income of the working class in countries such as the US and UK.Narrowing markets barely managed to contain the increase in both consumer and mortgage lending.The situation escalated when it became obvious that the population is unable to pay even the interest on loans.
first in the history of mankind the global crisis
In the period from 2008 to 2009, most of the countries in the world faced a financial and economic crisis, which led to obtaining the status of the phenomenon of "global."Be memorable crisis of 2008 has affected not only the capitalist countries, but also the economy of the post-socialist states.Last regress in the world until 2008, such a large scale fell on 1929-1933.At that time, things were so bad that around major American cities grew villages of cartons, since a large part of the population because of unemployment could not secure a living wage.The specifics of each country in the world to determine the effects of the phenomenon of every nation.
overweight vzaimosuschestvovanie the world's economies, the dependence of most of the states of the dollar and the global role of the US in the world market as a consumer has led to the fact that the internal problems of America "reprinted" in the lives of virtually all countries.Beyond the influence of "economic giant" left only China and Japan.The crisis was not like a bolt from the blue.The situation is gradually and systematically flourished.On the possible collapse of the economy showed a strong upward trend.In addition, the United States in 2007 managed to lower the interest rate at 4.75%.This uncharacteristic period of stability phenomenon Kotra has not gone unnoticed by speculators fundamentalist.It is said that about the coming difficulties is the fact that the reaction in the currency market to reduce rates in the United States and as such was not.That is what happened in the run-up to the crisis - it's just one of the standard initial stages of the phenomenon.The problems in this period of already, but they are hidden and do not give clearly evident.Once the screen has been shifted and the world saw the actual situation, the panic has begun.There was nothing to hide, and this led to the collapse of the economy in most states.
2008 financial crisis around the world
main characteristics of the crisis and its consequences are common to every state in the world.At the same time there are important differences which are peculiar to each country.For example, in 9 out of 25 countries were registered a sharp increase of GDP.In China, the figure rose by 8.7%, while in India - 1.7%.If we consider the post-Soviet countries, the GDP remained stable in Azerbaijan and in Belarus, Kazakhstan and Kyrgyzstan.The World Bank focused on the fact that the crisis of 2008 led to a general drop in GDP in 2009 to 2.2% in the world.For developed countries, the figure was 3.3%.In developing countries and countries with emerging markets was seen no recession, and growth, though not large, only 1.2%.
Depth fall in GDP was significantly different depending on the country.The biggest blow came in the Ukraine (the drop was 15.2%) and Russia (7.9%).This has resulted in reduction of the overall competitiveness of the global market.Ukraine and Russia, who had hoped for self-regulating forces of the market, have undergone more serious consequences of socio-economic nature.States that have chosen to retain a team, or a strong presence in the economy, have suffered "economic chaos" easily.This is China and India, Brazil, Belarus, Poland.The crisis of 2008 and even put a certain imprint on every country in the world, but he always had the force and individual structure.
global economic crisis in Russia: the beginning
Causes of the 2008 crisis in Russia had not only external nature, but also internal.Pull the rug from under the feet of the great state was reducing the cost of oil and metals.Under the blows were delivered not only to the industry.Significantly worsened the situation because of the lack of liquidity in the money supply of the country.The problem began in 2007, during the period from September to October.It was a clear signal to the fact that the money in Russian banks is almost over.Demand among citizens to obtain loans at times exceeded the available supply.The crisis of 2008 in Russia was marked by the fact that domestic financial institutions began to borrow money abroad at interest.At the same time the Central Bank of Russia proposed rate of 10% for refinancing.Already by August 1 of 2008 the external debt of the country amounted to 527 billion dollars.With the onset of the global crisis, the fall of the same year, the Western countries over the situation ceased to finance Russia.
The main problem of Russia - the liquidity of the money
For Russia it is the liquidity of the money supply has formed a crisis of 2008. The reasons of a general nature, such as the drop in shares, is secondary.Although the annual growth of the ruble money supply in 10 years by 35-60%, and the currency is not strengthened.When the global crisis of 2008 was only going to be shown, the leading Western countries formed at a certain situation.For $ 100GDP of each state corresponds to at least 250-300 USDthe bank's assets.In other words, the total assets of banks in 2.5-3 times higher than the total value of GDP.The ratio of 3 to 1, making the financial structure of each of the stable with respect not only to external changes, but also to internal.In Russia, when the financial crisis began in 2008, 100 rubles of GDP accounted for no more than 70-80 rubles assets.This is about 20-30% less than the money supply GDP.This led to a loss of liquidity virtually the entire banking system in the country, banks have stopped lending.A small glitch in the functioning of the world economy adversely affected the life of the country as a whole.The situation in the country which brought the crisis of 2008 is fraught with repetition as long as the liquidity problem of the national currency will not be completely eradicated.
Central Bank of Russia itself was the cause of the crisis
crisis of 2008 in Russia has taken place to a greater extent because of internal factors.External exposure only strengthened regress in the country.At a time when the Central Bank decided to raise interest rates sharply decreased production levels.The number of defaults in the real sector even before the moment when the crisis emerged in 2008, varied in the range of 2%.In late 2008, the Central Bank increased the refinancing rate to 13%.In the plans it had to balance the supply and demand.In fact this has led to the rise in the cost of credit for SMEs and the private sector (18-24%).Loans have become unaffordable.The number of defaults increased by 3 times due to the inability of citizens to repay debts to banks.By the autumn of 2009, the percentage of defaults in the country rose to 10. The result of interest rate decisions has been a sharp decline in production and the number of stop numerous businesses throughout the state.Causes of the crisis of 2008, which is more country had established itself, have led to the fact that the economy collapsed developing states with high consumer demand and strong economic performance.Avoid the effects of the global chaos could have a financial unit by injecting state funds in reliable banks.The collapse of the stock market has not had such a significant impact on the state as the economy companies has almost no relation to trading on the stock market, and 70% owned by foreign investors.
causes of the global crisis, the global nature of
In the 2008-2009 crisis has affected almost every sector of national activities, especially oil and those that were directly related to the resources industry.In no trend has been reduced, which has successfully grown, since 2000.Prices of agro-commodities and "black gold" rose.The price of one barrel of crude oil peaked in July and stopped on the record $ 147.Most of the cost of the fuel price never rose.With rising oil prices for gold that has shaped the suspicion of investors in an unfavorable outcome of the situation.
For 3 months the price of oil fell to $ 61.From October to November, there was another decline in prices for 10 dollars.Falling cost of fuel was the primary cause of decline in the index and the level of consumption.In the same period in the US mortgage crisis began.Banks gave people the means to purchase housing at a rate of 130% of their value.As a result of declining living standards, borrowers were unable to pay the debts and collateral debt do not overlap.The contributions of US citizens simply melted away before our eyes.The consequences of the 2008 crisis left their mark on most Americans.
What was the last "drop"?
addition to the events described above, the situation left a mark some of the phenomena that occurred in the world in the pre-crisis period.For example, we can recall the consumption of non-targeted funds tenured trader one of the biggest French banks Societe Generale.Jerome Karvel not only systematically ruined the company, he clearly showed the public all the shortcomings in the work of the largest financial organizations.The situation is clearly demonstrated how regular traders can freely dispose of the funds of companies that hired them.It stimulated the crisis of 2008.The reasons for the situation, many associated with the financial pyramid Bernard Madoff, which strengthened the negative trend of the global equity index.
aggravate the global financial crisis of 2008 agflation.This is a sharp rise in prices for agricultural products.The price index of FAO systematically increased amid a global stock market decline.Maximum peak index reached in 2011.Companies all over the world in an attempt to somehow improve their own situation began to settle on a very risky transaction that ultimately brought great loss.It can be said to reduce the volume of purchases of goods automotive industry.Demand fell by 16%.In America, the figure was - 26%, which resulted in a decline in demand for steel products and other related industries.
last step on the road to chaos was the increase in the LIBOR rate in America.The event took place in connection with the reduction in price of the dollar in the period from 2002 to 2008. The problem is that at the peak of the economy and its development at an incredibly rapid rate not more than it would be to think about an alternative to the dollar.
consequences of the 2008 crisis, the world economy
world economy from time to time and is subject to ups and downs.There are in the history of events that change the direction of economic life.The 2008 financial crisis is completely turned the global economy.If you look at the situation globally, after the chaos of the world economy has become more uniform.Wages in industrialized countries, which have been reduced in a period of depression, almost completely recovered.This allowed at one time to rehabilitate the development of the global industry in the capitalist countries.A significant rise was observed in the countries that are just beginning to develop.For them, the world depression was a unique opportunity to realize their potential in the global market.Not having a direct relation to the stock exchanges and the dollar, underdeveloped countries do not have to deal with the situation.They turned their energies to its own development and prosperity.
storage centers were in the US, the EU and the UK, which led to industrial expansion.Technological component began to improve, which continues today.Many countries have revised their policies, which allowed to build a robust economy for the future.For some countries, the crisis has had a very impressive positive effects.For example, countries that have been cut off external financing in connection with the situation in the world, were able to rehabilitate the domestic economic activity.Left without a material supply from the outside, the government had to pour the remnants of the budget in the domestic industry, without which it is impossible to ensure a minimum level of comfort of life of citizens.Thus, the direction of the economy, which had previously remained outside the zone of influence, now transformed.
How is the situation in 2015, remains a mystery.Some economists believe that the current situation in the world - is a kind of echo of the 2008 crisis, one of the colorful, but blossomed in all its glory the effects of the world depression.The situation is reminiscent of the 2008 crisis.Reasons converge:
- fall in the value of a barrel of oil;
- overproduction;
- increase in the unemployment rate in the world;
- catastrophic decline in the liquidity of the ruble;
- extraordinary fall gapped Dow Jones and S & amp; P.
According to analysts, the situation will continue to worsen.
